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Glossary

VIEW THE DEFINITIONS OF TECHNICAL TERMS.

 

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Performance bond :

Commitment made by a person to pay the debt of a debtor if the debtor fails to do so.

 

Source: Banque de France

Performance bonds guarantee scheme :

The compensation mechanism that covers performance bonds given by credit institutions in favour of business professionals. The FGDR takes the place of a failed institution when it is no longer able to honour, vis-à-vis the public, the performance bonds issued by it in favour of business professionals who are required by law to provide a guarantee to their customers.

 

See "Performance bonds guarantee scheme" on this site.

 

Source: FGDR

Personal account :

As opposed to a business account.

Plan d’Epargne d’Entreprise (PEE) :

Type of company savings scheme in which the sums paid by employees are blocked for at least five years, except in cases of early withdrawal.  Capital increases reserved for employees generally occur through a PEE. The income and capital gains are exempt from income tax but are subject to social security charges.

 

Source: Banque de France

Plan d’Epargne Populaire (PEP) :

Regulated savings product. Since 2003, it is no longer possible to open a new PEP; however, existing PEPs remain in effect and funds can be deposited into them up to the maximum deposit amount (€92,000). At the end of the scheme, the holder may receive a lump-sum payout or a life annuity.

 

Source: Banque de France

Plan d’Epargne pour la Retraite Collectif (PERCO) :

Collective pension savings scheme which allows the employees of a company or group of companies to save, in some cases with help from their employer, by investing in transferable securities. Employees enjoy favourable tax treatment in exchange for their savings being blocked, generally until the retirement age. The sums paid are therefore blocked until the employee retires, barring exceptional circumstances explicitly provided by law.

 

Source: Banque de France

Plan d’Epargne Retraite Populaire (PERP) :

Group life insurance policy through which savings are built up over a long period of time, leading to the payment of a life annuity upon retirement. The savings are available, at the time of retirement, in the form of a lump-sum payout only for the purchase of a primary residence (first-time home ownership). In addition to the life insurance regulations applicable to PERPs, the operation of this scheme is subject to specific provisions. Under certain conditions, a PERP offers an upfront tax advantage (deduction of the payments made).

 

Source: Banque de France

Prudential Supervision and Resolution Authority (ACPR) :

The Prudential Supervision and Resolution Authority - ACPR is the French banking and insurance supervisory authority. It is an independent administrative authority charged with preserving the stability of the financial system and protecting the customers, insurance policyholders, members and beneficiaries of the persons it supervises.

 

Source: ACPR